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Sunday, March 17, 2013

So bankers are being bailed out while the people of Cyprus (and
thousands of expats) that worked hard, made sacrifices for years are
left to pick up the tab. If you saved over € 100.000, you get a 10%
“tax” (some people in the streets of Cyprus are calling it stealing), if
you have less than €100.000, its 6.25%. Lets suppose you just got a
loan for € 100.000 to start a new business, same thing happens, you lose
10% and still have to pay back in full. Its noticeable how ordinary
people that save money, try to invest or start a new business get
punished while banks, and make no mistake the banks in Cyprus are
branches of the exact same banks that are found in the rest of EU and
USA, those get to steal people’s money.
Walk into a bank with a gun and demand money and you are a bank
robber. Make a few phone calls and steal billions worth of people’s
savings and you’re an Executive Board member.

How to Orchestrate Mass Theft:

The mechanism that takes place is the same one so often discussed here.

1)The measure is usually announced Saturday Morning. When people rush
to those banks operating on Saturdays for a few hours, they find those
branches conveniently closed. Oh, by the way, there’ just happens to be a
Bank Holyday on Monday.

2)The limit on ATM is € 1000. Its not the banks fault if people empty
those ATMs in a matter of minutes, or if they … “forgot”… to top up
some ATMs the day before. Oops!

3) You cant use online banking and transfer your savings out of
there. For the thousands of ordinary people, and especially for many
Russian millionaires and those in Greece that though of Cyprus as safe
off shore banking safe haven for their savings, you’ve just been punk’d!

19 comments:

Not a good thing for the people of Cyprus -- but if the banks are all the same, how soon 'til something similar hits here? (In the US, I'm guessing they go after 401ks instead of savings accts -- they'll lump them them in with Social Security to "save" all of our pensions together. A haricut's a haircut. I loathe these guys.)

Eurozone is de facto dead.1000 euros earned in Greece, is not of the same value as 1000 euros in Holland, because of the higher taxation in Greece.1000 euros in a bank account in Cyprus now worth less that 1000 euros in a bank account in Germany.You cannot have common currency without common taxation. You cannot have common taxation without common legislation. And you cannot have common legislation without common mentality of the people in euro-countries. Mentality differs and that's why I consider the midterm future of the euro unsure.

There have been software updates in all EUR countries during the past 2 years that gave direct, centralized control to reek in money from bank accounts.

The tools are in place, now it is only a matter of time until they are put to use.

Zyprus is a test. If people do not withdraw lots of money on MO/TUE in germany, france and italy it will be considered a success.

As for the US. Watch closely how Mr. Obama mimics every move from Mr. Hollande (President of France) and than ask yourself if he too, is not in the need of money to fund big goverment? Only a matter of time...

1) I find the situation amusing --except for the little depositors being hurt.

Since the Russian Mafia probably stole most of the money from the Russian people that the Mafia deposited in the Cyprus banks, the Mafia has just fallen victim to a superior thief--government.

2) On the other hand, we may see an unusually high number of accidents befalling the politicans of Cyprus in the coming months.

3) And since Cyprus has been making money by helping foreign crooks steal from their native countries, my sympathy for the little people of Cyprus is limited as well. Lie down with dogs --you get fleas. It's that simple.

@ Anonymous #1: FerFAL doesn't live in the Eurozone; he's in Northern Ireland which is part of the UK and thus in the Sterling zone. I will go grey trying to explain that NI and the Republic of Ireland are NOT THE SAME COUNTRY.

@Don Williams1)If Russian mafia deposited money that stole from the Russian people in Cyprus, there is nothing to blame Cypriot banks or Cypriot people.2)What about money deposited in German, Swiss, Austrian, Luxemburgian, Liechtenstein or Isle of Man (UK), Virgin Islands (UK) banks???All this money is "white"???But all these countries are either friends of Germany or out of the reach of Germany, right???

@Don Williams1)If Russian mafia deposited money that stole from the Russian people in Cyprus, there is nothing to blame Cypriot banks or Cypriot people.2)What about money deposited in German, Swiss, Austrian, Luxemburgian, Liechtenstein or Isle of Man (UK), Virgin Islands (UK) banks???All this money is "white"???But all these countries are either friends of Germany or out of the reach of Germany, right???

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